(This note is not part of the Regulations)

Except for the regulations referred to in the next paragraph, these Regulations are made in exercise of the powers in section 8 of the European Union (Withdrawal) Act 2018 (c.16) in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (and in particular, the deficiencies under paragraphs (a), (d), (e) and (g) of section 8(2)).

The regulations commenced by regulation 1(2) amend the Financial Services and Markets Act 2000 ("the Act") (c.8) and secondary legislation made under the Act in exercise of powers under the European Communities Act 1972 (c.68). These amendments ensure that the references to EU instruments in the Act and the secondary legislation are up to date at exit day, in accordance with the United Kingdom's EU obligations prior to exit day.